Jupiter's CEO quits $68 billion investment firm to 'sit at the beach and do nothing'

Andrew Formica has decided to leave for personal reasons and wants to return to his native Australia to care for his elderly parents.

The Chief Executive Officer of Jupiter Fund Management Plc, a London-based fund management firm, Andrew Formica, abruptly resigned, surprising everyone.

Formica, who joined the $68 billion fund management behemoth in 2019, will leave on October 1, according to Bloomberg, citing a company statement.

Jupiter's Chief Investment Officer, Matthew Beesley, would take over as the new CEO, and Formica would step down as a Director of the investment firm.

It added that Formica has decided to leave for personal reasons and wants to return to his native Australia to care for his elderly parents.

He told Bloomberg, "I just want to sit on the beach and do nothing." Formica, who has lived in the UK for nearly three decades, joined Jupiter in March 2019.

Before joining Jupiter, he worked for Janus Henderson Group Plc, instrumental in the 2017 merger of the US fund house Janus and the UK's Henderson.

The seasoned asset manager has over 27 years of experience in the investment management industry and has held various roles at Henderson, including equity fund manager and head of equities.

Beesley would take over as Jupiter deals with outflows and challenging markets as asset managers navigate global markets shaken by the fallout from the Russia-Ukraine war.

According to Bloomberg, clients have been withdrawing funds from Jupiter for four years, with a £1.6 billion outflow in the first quarter of this year.